: Textiles Ministry calls for suggestions to replace ATUFS with PLIlike scheme #finance #StockMarketNEWS Textiles Ministry calls for suggestions to replace ATUFS with PLI-like scheme New Delhi, Aug

Textiles Ministry calls for suggestions to replace ATUFS with PLIlike scheme #finance #StockMarketNEWS
Textiles Ministry calls for suggestions to replace ATUFS with PLI-like scheme New Delhi, Aug 13 (KNN) The Ministry of Textiles has invited suggestions to replace the Amended Technology Upgradation Fund Scheme (ATUFS) with a scheme having a system like the Production-Linked Incentive (PLI) scheme.

ATUFS ended on March 31, 2022 and the Ministry has asked the Office of the Textile Commissioner to share the draft note among stakeholders of textile manufacturing industry.

The Office of the Textile Commissioner has been asked to forward the suggestions from stakeholders of the textile manufacturing industry to the ministry by August 15, 2022.

The new scheme will promote indigenous development and manufacturing of textile machinery in line with the government’s flagship initiative Atmanirbhar Bharat, as per draft concept note.

Improving scale and technology along with sustainability, compliance, innovation and job creation will be key focus of the scheme.

The draft proposal prepared by the ministry for incentivising modernisation in textile sector on PLI pattern comprises two parts.

The Part-1 of the scheme will incentivise indigenous development and manufacturing of textile machinery.

The Part-2 will support modernisation of various segments and weak links of textile value chain.

Integrated fabric manufacturing unit in MSME category for daily production of 16,000 metre (worsted, polyester or viscose suiting fabric) will have total investment of Rs 34.56 crore.

It will have annual turnover of Rs 106 crore and will generate 121 jobs.

Non-MSME unit of the same process will have investment of Rs 170 crore and turnover of Rs 550 crore and will generate 605 jobs. (KNN Bureau)